Home Mortgage Rates Actually HIGHER After Fed Rate Cut!
By San Diego real estate blog San Diego real estate agent
(brokerforyou.com CA Lic#00706331)
Watching San Diego home mortgage rates, it seemed to me that they had actually increased after the 1/2 percent Fed rate cut. To confirm this, I contacted one of San Diego's largest home mortgage lenders. Here is his reply: Please note that mortgage rates are very VERY individualized, now more than ever. Rates vary based on down payment, FICO score, type of property, and other factors. With that in mind, the "benchmark" that many people use to determine "rates" on a given day is the best rate available for a 30 year fixed rate "conforming" loan. This is a loan amount of up to $417,000 meaning that it is saleable to FNMA or FHLMC. To view the full post, please visit my San Diego real estate blog The actual link is: http://www.brokerforyou.com/brokerforyou
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